EFTA01459090.pdf

20 November 2015 US Equity Insights [Figure 79: Historical sector performance Beta > 1 Bet =1 Beta < 1 US Value Global Value Global Growth Consumer Growth Low Beta Defensives Credit Play! Commodity Plays Capes Plays Consumer Plays Growth Domestic (Bond Subst.) Financials Energy Materials Industrials Tech Con Disc Staples Healthcare Utilities Telecom Cons. Health 10yr Tsy Financials Energy Materials Industrials Ted, Cons. Disc. Staples Care Utilities Telecom S&P 500 TR 1960 2.4% .4.4% 6.496 -10.2% 10.1% 0.0% 0.3% 3.9% 1961 25,10 18.7% 26.1% 29.0% 0.0% 26.6% 4.1% 1962 14 415 10.5% -15.9% 33.2 70 176% -18.6% -8.8% 3.9% 1963 14.6% 22 1i; 20.8% 25.6% 31.3% 30.9% 13.6% 20.9% 12.2% 22.4% 22.5% 1.6% 1964 2 CI, 26 22 S': 13 2% 2.4 305'5 14.4% 16.5% 15.6% 0.9% 16.3% 3.7% 1965 1.5% 12.85Q 38.1% 31.9% 5.3 3.2% 4.7% -8.0% 12.3% 0.7% 1966 1.4% 7.1% •16.9% -208% 9.6% -29.5% -10.0% 5.0% 1967 2 0, z, 17.9% 23.6% 420% /3.8% 33% . 25.1% -0.6% -4.3% 23.7% -3.2% 1968 50.25 22 0' ;. 6.6% 16 8i'; .0.1% 10.3% 10 4 8.6% 5.5% 10.0% 10.8% 2.2% 1969 -10.8% 24.1% 15.3% .78.8% 16.6% 10 lS 23 6 ,, 11.3% -8.3% -5.5% 1970 6.4% 17.5' 11.0`, 172%, 6 1671_. 14 6% 7.790 5,9% 3.5% 18.4% 1971 10.1% 4.8% 0.7* 13.0% 30.3% 70 19 8' 3.1% 14.3% 11.1% 1972 22.2% 14.1% 2789% 40.7% 11.5% 20 2% 32 1 7.5% 19.0% 2.3% 1973 1 -71.9% -177% -17.7% -14.7% 3.3% 1974 -35.1% 23.7D% -26.9% -36.5% -42.3% 28.8% 21.4 -26.5% 3.9% 1975 19.3% 27.0% 41.1, 25.4% 39.1% 65.6h 38.29; 5.0% 21.6 37.2% 5.4% 1976 3,) 19.0% 24.9% 19.3% 290'. 10.9% .4 0% 30 2'- 37 3% 23.9% 15.2% 1977 -8.9% -3.4% -27.7% -9.8% -13.2% .14.5% .5.4% -9 2% 8 1.99.: -7.2% 0.4% 1978 5.9% 9.2% 3.8% -1.5% 134': -9.4% 7.2% 12 0%. .3.7% 6% 6.6% -0.9% 1979 18.29 50.4 313. . • g 0.2% -0.3% 16.0% 13.0% -5.6% 18.6% 1.8% 1980 14.7% 62.2% 23 S% 6376 24.1% .6.7% 11.6% 24.0% 14.0% 14% 32.5% -1.6% 1981 11 4-, 20.2 - 2.3% 9.9% -21.1% u,2, -4.9% 4.8% 1982 70.4%, 6 8% 19' 2 2% 54 19- /90 41.2% 18.5% 24.5% 1 21.5% 39.1% 1983 14.8% 30.3% 33.0% 1779. 40 3i: 30.0- , 1' 9.5% 19.2% 13.4% 22.6% 2.0% 1984 8 S% 19 8% -169% 0% 1 13.5% 15.3% -66.3% 6.3% 14.6% 1985 41.7% 27.3E 72.3% 27.5% 15.9% 24.4 446% 43.5% 31.7% 35.7% 31.7% 29.6% 1986 8.2 750% 19.3%. 17 7% .9.7% 70.7 31.9% 38 1% 16.4% 18.7% 21.3% 1987 -16.19 10.6% 46.5% 21.0% 7 Tv: 4.1 13.8% 11 0', 7.8% 5.3% -2.8% 1988 18.0% 18S 193% 17.4% 1.76 3/ 78.7% 12.4% 17.8% 16.6% 6.8% 1989 32.5% 39.7h 22.4% 18.4% -1 3% 12.4 49.4% 44 31.7% 17.7% 1990 20.13->. 2 .9% -10.7% -7.6% 3 12.25. 15.3% 1/3 -0.6% 1 3.1% 1991 49 1 - 6.9% 25.5% 29.5% 9.1 41 41 7% 53 23.9% 13.2% 30.5% 18.8% 1992 21 2.3% 10.3% 9.6% 2 19 6.6% 7.6% 7.1% 1993 13.5% 14.66-. -3.9% 7% 13.7% 10.1% 12.9% 1994 -3.5 3.7% -2.4% 19.9:0 .8.3% 13 -11.8% -4.8% 1.3% -7.3% 1995 '94 1 , 31.0% 20.0% 39.1% 39,4% 20.3% .6 580% 32.7% 37.6% 25.4% 1996 3S 7s 75.9% 15.8% 25.1% 4i 12.4% 25.996 710 5.7% 23.0% 0.0% 1997 48 25.3% 8.4% 27.0% 13.5% 34.4% 32 9% 43./% 24.7% 33.4% 11.9% 1998 11.4% 0.6% -6.2% 10.9% 158% 43-9% 14.8% 28.6% 14.6% 1999 4.1% 18.7% 21.5% 15 1% 10 74 -9.2% 19.1% 21.0% -7.9% 2000 15.7% -40.9% -70.0% 16.8% 37.1% -38.8% -9.1% 17.2% 2001 9.0% 104 3.5% 6.4% 11 9% -30.4% -12.2% -11.9% 5.4% 2002 5.5% -26.3% -37.4% .73.8% 4 3'. 188% -30.0% -34.1% -22.1% 15.4% 2003 31.0% 38 15: 11.6% 15.1% 26.3% 7.1% 28.7% 0.2% 2004 10.9% 31.5% 13.2% 2.6% 8.2% 1.7% 10.9% 4.5% 2005 6.5% 31.4% 4.4% 1.0% 3.6% 6.5% 5.6% 4.9% 3.0% 2006 19.2% 24.2% 18.6% 8.4% 14 4% 75% 15.8% 2.2% 2007 -18.6% 34.4 ' 14.7% 7% 5.5% 10.4% 2008 -55.3% 34.99., 45.7% -39.9% -43.1% 15.4% -37.0% 20.5% 2009 17.2% 149% 19 7% 11.9% 8.9% 26.5% -10.2% 2010 12.1% 10.2% 14 1% 2.9% 5.5% 15.1% 7.9% 2011 -17.1% 4.7% -9.8% 2.4% 2.1% 16.1% 2012 4.6% 15.0% 14.8% 108% 18.3% 16.0% 2.7% 2013 35.6% 25.1% 25.6% 28.4% 26.1% 11.5% 32.4% -8.5% 2014 15.2% -7.8% 6.9% 16.0% 3.0% 13.7% 10.6% 2015 YTD 1.1% -13.1% -4.5% 3.7% 4.8% -6.1% 2.0% 3.0% 1.1% Source Dudsche (UM He v Angt‘ts, IngvnicnRaters Deutsche Bank Securities Inc. Page 45 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119314 CONFIDENTIAL SDNY_GM_00265498 EFTA01459090